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Sunday, September 25, 2022

InnerScope Hearing Technologies (OTC: INND) Run Brewing as Hearing Aid Pioneer Reports Record Q2 Revenues, Hearing Assist Rolled Out Nationwide & OTC Hearing Aid Law Passes

Innerscope Hearing Technologies Inc (OTCMKTS: INND) is breaking out northbound hitting highs of $0.0298 last week before forming a new base over $0.02 where it looks ready to embark on the next leg up. INND is among the most exciting opportunities in small caps; this is a real Company experiencing rapid growth that is set to become a leader in a new multi-billion-dollar market. Currently INND Hearing Assist centers are being rolled out at Walmart nationwide. InnerScope’s full line of Hearing Products is currently available through Walmart Vision Centers, Walmart.com, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.com, Fingerhut.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba RGH Enterprises Inc., which provides InnerScope products to FSAStore.com, HSAStore.com, & WellDeservedHealth.com. In-store and online Hearing Products are launching soon with more major retailers and pharmacy chains. Recently INND reported record Q2 revenues of $6,910,386 compared to $404,676 for first-quarter ended March 31, 2022. As a result, InnerScope recorded a $3,881,620 net profit for the three months ended June 30, 2022, and a Positive EBT of 56% for Q2 2022. Total consolidated net revenues were $7,315,062 for six months ended June 30, 2022, compared to $47,392 for six months ended June 30, 2021. The consolidated net revenues (based on the GAAP revenue booked in Q2 2022) represent approximately a 1,707% increase for Q2 2022 versus Q1 2022 and a 15,435% increase versus the same period ended June 30, 2021.  

But the real story on INND is the recent FDA OTC Hearing Aid Law which was recently passed and will be enacted in the middle of October. This landmark ruling allows consumers to purchase OTC Hearing Aids right off the shelf directly from multiple retailers, including Big Box retailers and pharmacy chains. Over the past few years InnerScope has been diligently working to put into place a network of multiple large retailers, including Walmart, Best Buy, Rite Aid with wholesale vendor agreements to sell its assortment of hearing aid products and related hearing aid supplies ahead of the OTC Hearing Aid Law being enacted. Traditionally consumers have had to get hearing aids in a brick-and-mortar clinical environment with an average cost of $5,000 a pair. However, approximately 48 million Americans report having trouble hearing and only 14% use hearing aids primarily due to the high cost. The OTC Hearing Aid Law lowers those barriers to allow greater access to affordable hearing aids. InnerScope’s OTC Hearing Aid Products are expected to be priced between $499 to $1,500 a pair. InnerScope, with its Network of Wholesale Retailers, its unique selling proposition with its in-store 3 to 5-minute Free Self-administered Automated Point of Sale Hearing Screening Kiosk and online hearing screening software for the retailers’ customers, believes it is well-positioned and poised to take be the leader in the new emerging OTC hearing aid market. The OTC Hearing Aid Law opens up a new emerging market for hearing aids sales, potentially in the tens of billions of dollars.  

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InnerScope Hearing Technologies (OTC: INND) operating from professional drive in Roseville, California, is a leading Direct-to-Consumer (DTC) manufacturer and distributor of FDA-registered hearing aids, hearing assistive devices, hearing health-related products, and Personal Sound Amplifier Products (PSAPs) (“Hearing Products”) dedicated to addressing the global demand for affordable hearing solutions. InnerScope’s Hearing Products and its business model break through the persistent barriers that prevent access to effective hearing solutions. 

InnerScope’s recent acquisition of iHear Medical Inc., a DTC cloud-based hearing solution provider, gives the Company access to over 40 patents and an FDA-registered manufacturing and R&D facility. In addition, InnerScope has acquired HearingAssist, an established leader in the direct-to-consumer hearing aid market with a customer base of over 400,000. These acquisitions, combined with a partnership with Atlazo Inc., a semiconductor innovator for next-generation AI smart devices, will allow InnerScope to better position itself in the direct-to-consumer hearing solutions market by selling advanced hearing products through Walmart and other major retailers. 

InnerScope’s full line of Hearing Products is currently available through these multiple retail/wholesale channels: Walmart Vision Centers, Walmart.com, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.com, Fingerhut.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba RGH Enterprises Inc., which provides InnerScope products to FSAStore.com, HSAStore.com, & WellDeservedHealth.com. In-store and online Hearing Products are launching soon with more major retailers and pharmacy chains. 

InnerScope launched its hearIQ App in 172 countries in the Apple App Store for iOS devices and Google Play Store for Android devices. The hearIQ App is a multi-functional app, which offers to the general public a FREE Self-Administered Hearing Test to determine hearing loss (if any) and also provides a Bluetooth wireless connection (“App Controlled”) for InnerScope’s Direct-to-Consumer Self-Fitting-Self-Adjusting Hearing Aids. The hearIQ App is specifically designed to help with early detection of hearing loss for the 48+ million Americans as well as the 1.5 billion people worldwide who may have an undetected hearing loss or may be living with some degree of hearing loss, according to the World Health Organization (“WHO”). More importantly, if hearing loss is detected, the hearIQ App directly links to InnerScope’s Direct-to-Consumer Hearing Products. Since the hearIQ App became activated only nine days ago, it has already received over 440 reviews and has a FIVE-STAR RATING from Apple and Android users. 

Earlier this month in a landmark decision for the Company the FDA released the “Final Rule” for creating a new category of Over-the-Counter hearing aids for perceived mild to moderate hearing losses to be sold directly to consumers in retail stores, pharmacies and online without a medical exam or being fitted by a hearing healthcare professional. On or about October 16, 2022, sixty days after the Final Rule is published in the Federal Register the OTC Hearing Aid Law will be enacted, allowing consumers to purchase OTC Hearing Aids right off the shelf directly from multiple retailers, including Big Box retailers and pharmacy chains. 

Since Congress in 2017 passed a bipartisan proposal, signed into law by President Donald Trump, to allow hearing aids to be sold over the counter, InnerScope has been diligently working to put into place a network of multiple large retailers, including Walmart, Best Buy, Rite Aid with wholesale vendor agreements to sell its assortment of hearing aid products and related hearing aid supplies ahead of the OTC Hearing Aid Law being enacted. InnerScope plans to register its hearing aid products, which include its HearingAssist and iHear branded hearing aid products, as OTC Hearing Aids in compliance with the FDA’s Final Rule and will be offered to its current and future Network of Wholesale Retailers to be sold in-store right off the shelf and online through each retailers’ website. 

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INND

98% of all hearing aids are sold and fitted in a traditional brick-and-mortar clinical environment by a hearing healthcare professional at an average cost of $5,000 a pair. However, approximately 48 million Americans report having trouble hearing; despite the high prevalence and public health impact of hearing loss, only about 14% of people who could benefit from hearing aids use them. The low market penetration is mainly due to the high cost of the Traditional Hearing Aid Delivery Model and certain state and federal regulatory barriers. The OTC Hearing Aid Law lowers those barriers to allow greater access to affordable hearing aids. The OTC Hearing Aids are expected to cost between $500 to $1,500 for a pair of hearing aids. 

InnerScope’s OTC Hearing Aid Products are expected to be priced between $499 to $1,500 a pair. InnerScope believes that since most people have not had their hearing tested since grade school, tens of millions more Americans have undetected mild to moderate hearing loss. As a result, InnerScope, with its Network of Wholesale Retailers, its unique selling proposition with its in-store 3 to 5-minute Free Self-administered Automated Point of Sale Hearing Screening Kiosk and online hearing screening software for the retailers’ customers, believes it is well-positioned and poised to take be the leader in the new emerging OTC hearing aid market. The OTC Hearing Aid Law opens up a new emerging market for hearing aids sales, potentially in the tens of billions of dollars. InnerScope, with its Network of Wholesale Retailers, is ready when the OTC Hearing Aid Law is enacted to deliver its affordable OTC hearing aids to tens of millions of Americans. 

INND is led by CEO Matthew Moore who literally grew up in the hearing health industry, with having internships and mentorships beginning with his grandfather who has personally helped over 20,000 hearing- impaired patients in his private hearing aid practice since the 1940s. At the age of 10, Matthew was working in the Marketing Department of his parents private hearing aid practice. By the age of 22, Matthew became a full partner in his parents hearing aid business, which then grew to one of the largest private hearing aid practices in the United States with over 70 locations and over 40,000 customers in a 10-year period. Several years ago, the family sold off the remaining locations for $14 million. As CEO of InnerScope, Mr. Moore has been making one big move after another recently forming distribution partnerships with Walmart, Sears, and other Big Box Retailers/Pharmacies as well as independent retailers and pharmacies for InnerScope’s Products and Services.   

INND operates in the booming hearing aids space; According to a report from Fortune Business Insights the global hearing aids market is set to gain impetus from the increasing adoption of telehealth among audiologists to prevent patient traffic. The report further states that the market size was USD 8.99 billion in 2019 and is projected to reach USD 13.38 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period.   

Recently INND reported record Q2 revenues of $6,910,386 compared to $404,676 for first-quarter ended March 31, 2022. As a result, InnerScope recorded a $3,881,620 net profit for the three months ended June 30, 2022, and a Positive EBT of 56% for Q2 2022. Total consolidated net revenues were $7,315,062 for six months ended June 30, 2022, compared to $47,392 for six months ended June 30, 2021. The consolidated net revenues (based on the GAAP revenue booked in Q2 2022) represent approximately a 1,707% increase for Q2 2022 versus Q1 2022 and a 15,435% increase versus the same period ended June 30, 2021.  

In addition, based on purchase orders over $4,000,000 that have already been filled and delivered, which will be recognized as revenue for the third quarter of 2022, InnerScope projects continued record-setting revenues for the remaining six months of 2022 and beyond from the anticipated monthly replenishment purchase orders as well as new purchase orders from numerous retailers. 

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Currently trading at a $160 million market valuation INND OS is 7,662,715,566 shares with 5,329,706,040 shares in the float. Management is working hard behind the scenes, looking to uplist the Company to a higher exchange, currently working with counsel to cancel minimum 216 million shares and up to 721 million shares from Crown Bridge, they are also looking to lower the authorized and recently eliminated $3.4 million in debt leaving zero convertible debt besides from the acquisition. As we have been saying INND is among the most exciting stocks in small caps that has enormous upside potential. Currently INND Hearing Assist centers are being rolled out at Walmart nationwide. InnerScope’s full line of Hearing Products is currently available through Walmart Vision Centers, Walmart.com, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.com, Fingerhut.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba RGH Enterprises Inc., which provides InnerScope products to FSAStore.com, HSAStore.com, & WellDeservedHealth.com. In-store and online Hearing Products are launching soon with more major retailers and pharmacy chains. Recently INND reported record Q2 revenues of $6,910,386. The recently passed FDA OTC Hearing Aid Law will be enacted in the middle of October. This landmark ruling allows consumers to purchase OTC Hearing Aids right off the shelf directly from multiple retailers, including Big Box retailers and pharmacy chains. Over the past few years InnerScope has been diligently working to put into place a network of multiple large retailers, including Walmart, Best Buy, Rite Aid with wholesale vendor agreements to sell its assortment of hearing aid products and related hearing aid supplies ahead of the OTC Hearing Aid Law being enacted. Traditionally consumers have had to get hearing aids in a brick-and-mortar clinical environment with an average cost of $5,000 a pair. However, approximately 48 million Americans report having trouble hearing and only 14% use hearing aids primarily due to the high cost. The OTC Hearing Aid Law lowers those barriers to allow greater access to affordable hearing aids. InnerScope’s OTC Hearing Aid Products are expected to be priced between $499 to $1,500 a pair. InnerScope, with its Network of Wholesale Retailers, its unique selling proposition with its in-store 3 to 5-minute Free Self-administered Automated Point of Sale Hearing Screening Kiosk and online hearing screening software for the retailers’ customers, believes it is well-positioned and poised to take be the leader in the new emerging OTC hearing aid market which could potentially be worth tens of billions of dollars. INND is currently under heavy accumulation and readying for a breakout off its new $0.02 base. The stock jumped to over $0.09 last year however investors currently buying are looking for something much bigger. We will be updating on INND when more details emerge so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in INND either long or short and we have not been compensated for this article

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